Recent general awareness for banking exams.Railway budget to be merged with union budget.Railway budget has been presented on a different date from the union budget and the budget of both are different. This was the practice which was followed since the British era which is now going to be end.
The current BJP government is planning to merge the Rail budget with the union budget thus unifying it and making it a single budget. Candidates who are going to appear for various competitive examination need to know this and questions are likely to be asked from this section. From the British era it was a common practice to present the railway budget different from the union budget. Both of these are separated and presented on different days. In fact the expenditure of budget lies on central government and there is no point is presenting and separating both the budgets. Here are some details
Railway budget and union budget are no different now
It has been planned by the committee comprising two members that the no separate budget is to be presented from the next financial year and session. The budget for the railway will be merged with that of union and the expenditure if any will be announced only with the union budget. Earlier the Railway minister Suresh prabhu had decided to merger both the budgets and now it is going to be merged very soon.
From the year 2017, there will be a single budget. A 2-member committee comprising Niti Aayog member Bibek Debroy and Kishore Desai recommended the exercise be scrapped. This committee on restructuring of the Ministry of Railways had recommended that having a separate railway budget should be phased out, merging it with the General Budget. Thus candidates should learn these details and associated names of members who are involved in the committee.
Budget is the statement of income and expenditure of the government. Income comes from various revenues which it imposes in goods and services while the expenditure incurred on all government development projects and interested etc it pays to its lenders.